Thursday, November 12, 2015

Major Incentive in Export from India Scheme

The Commerce Ministry has expanded the ambit of its Merchandise Exports from India Scheme (MEIS) to boost export of key products such as textiles, telecom and electronic items.
Under the MEIS, the government provides exporters duty credit scrip at 2%, 3% and 5% of their export turnover, depending upon the product and the country, as envisaged in the foreign trade policy 2015-20. The scrip can be transferred or used for payment of a number of duties, including the basic customs duty.

Exports which used to get duty benefits only for a few countries–would be entitled to global support. Similarly, higher support has been granted to certain categories of products, manufactured by MSMEs.

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